The term itself, as a product, though, kind of rubs me the wrong way. We’ve witnessed the overpromises, the hype and all too frequently, the rug pulls. Wake up and realize the current model is broken, particularly for those who can least afford to wager. And there’s no longer any pretense of it being innovative; it’s just unbridled, unregulated monetization of influence. It is high time we begin to ask ourselves, are we investing in the cities of tomorrow or just enriching those who got rich decades ago.

Forgotten Voices Need Financial Literacy

Let's be brutally honest: celebrity endorsements in crypto often target vulnerable communities. The allure of the get-rich-quick scheme, supercharged by a well-known (or at least well-perceived) figure is almost impossible to overstate. Imagine – a person who is already barely getting by comes across their celebrity idol promoting a new coin. They think, "This is my chance!" Retirement communities are built on a promise, their owners put down their life savings and then you lose it. The project fails, the celebrity pockets the profits, and the community gets left holding the bag.

In my practice, I have witnessed the sheer heartbreak of these systemic ineptitudes, especially among the South Asian communities I serve. Many are first-time investors, eager to participate in the digital economy, but lack the financial literacy to discern legitimate opportunities from scams. They’re lured in by the allure of connection and camaraderie, only to end up marginalized and economically devastated. We need to ask a tough question: Are we creating opportunity or preying on desperation?

We’re not doing nearly enough to empower these communities with the knowledge they need to best protect themselves. Financial literacy isn't just about understanding blockchain technology. It's about critical thinking, risk assessment, and recognizing the red flags of a potential scam. We need accessible, culturally relevant educational resources that teach people how to make informed decisions, not just follow the hype. This isn’t an effort to stifle innovation, but it’s imperative that there is responsible participation.

The article mentions Dogecoin and Elon Musk. As much as I dislike the short-termist Musk effect on crypto, there’s a better lesson to be found here past the hype. Dogecoin, perhaps more than any cryptocurrency born from memes, struck a cultural chord. It wasn’t just the utility of it, but being part of something larger, something that was cool and fun. It was about the story.

Dogecoin Offers a Better Model

Contrast this with the typical celebrity coin. They offer exclusive access, dinners, or meet-and-greets. This monetizes their time, not their influence. It's transactional, not transformational. It’s not fostering a better community, it’s creating a VIP lounge for the rich.

Imagine a celebrity using their platform to promote a project that genuinely addresses a social issue, like providing clean water or supporting education. The new coin would be dedicated to funding these projects with holders of the coin receiving continuing information on the project’s status. This is a long way from providing a one-off Zoom with an influencer. That’s what creating a movement is—the art of gathering influence around everything that’s good and right with the world.

Unexpected connection? Think of charity galas. Or, they use their star power to help other people raise money for those important causes. Now, picture if that gala functioned as a DAO. You would have tokens that gave you the power to decide what projects should get funded! That's the potential.

The piece sensibly pans the points system that gained notoriety through Blur. Well, as disruptive as they are, these systems ultimately breed a hugely speculative environment that favors arbitrageurs and short-term traders, not the true users. Projects are racing to the bottom as they compete with one another to provide the biggest rewards. In this quest, they undermine long-term sustainability for short-term profit. The end result? Ghost towns following the airdrop, with a thumbprint left in the desert sand comprised of their former users’ disillusionment and their wasted resources.

Points Systems Are Not the Answer

This mirrors the broader problem with celebrity crypto: a focus on immediate gratification over long-term value. The promise of easy fortune seduces investors into ignoring the risks involved. The points system is more of the same, rewarding only the speculative flip, creating an illusion of demand and spurring more risk-taking behavior.

It’s time to go further than these narrow and short-sighted tactics! Instead, we need to work on creating more connective ecosystems that deliver genuine value to consumers. That looks like prioritizing community over competition, creativity over compliance, and stewardship over tournament play. It asks us to abandon the “pump and dump” ethos. Let’s reject this culture and make crypto investing more ethical and sustainable.

The future of crypto depends on it. Or are we going to continue to pave the way for exploitation and greed to thrive? Or will we take this moment to build a more equitable and greener future for all Americans? The choice is ours.

In short, we need to:

  • Prioritize financial literacy: Equip vulnerable communities with the knowledge to protect themselves.
  • Focus on narrative and community: Build projects around shared values and purposes.
  • Reject speculative incentives: Move beyond points systems and short-term gains.
  • Demand accountability: Celebrities need to be held responsible for the projects they endorse.

The future of crypto depends on it. Are we going to continue down this path of exploitation and greed, or are we going to build a more equitable and sustainable future for all? The choice is ours.